The global pump market size is projected to reach USD 132.7 billion by 2025, accelerating at a CAGR of 5.5% over the forecast period, according to a new report by Grand View Research, Inc. The market is expected to witness significant growth owing to the increasing demand for pumps from oil & gas, chemical, and water & wastewater industries.
Increased spending on infrastructural development activities owing to the rapid industrialization in the emerging economies, especially in Asia Pacific and Central & South America, is expected to propel the product demand over the forecast period. Based on product, the market is segmented into centrifugal pump, positive displacement pumps, and others. Centrifugal pumps are the most commonly used product and the segment accounted for a market share of 52.1% in 2018. Positive displacement pump segment is expected to witness significant growth and ascend at a CAGR of 5.6% over the forecast period.
Water & wastewater application segment dominated the market in 2018. The segment is expected to ascend at a CAGR of 5.7% over the forecast period and account for the largest revenue share in 2025. The growth of this segment can be attributed to increased spending by the governments of several countries for the development of water & wastewater infrastructure.
Oil & gas segment is expected to move ahead at a CAGR of 5.6% in terms of revenue over the forecast period. Increasing global demand for crude oil in order to facilitate production centers, overseas logistics, and domestic transport is expected to contribute to offshore and onshore exploration activities in the future. This, in turn, is projected to boost the demand for pumps over the forecast period.
Asia Pacific emerged as the leading regional market and accounted for a revenue share of 46.1% in 2018. The dominant position of Asia Pacific can be attributed to the high demand for pumps in water & wastewater, chemical, and pharmaceutical industries in the region. Asia Pacific market for pumps was followed by Europe and North America in 2018. Europe market for pumps is expected to be valued at USD 26.3 billion by 2025. Water & wastewater sector in Europe is characterized by the presence of stringent regulations owing to various environmental concerns. This is expected to propel the demand for pumps in Europe market over the forecast period.
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Further key findings from the report suggest:
The global market for pumps is anticipated to be valued at USD 132.7 billion by 2025 owing to the rapid industrialization in developing economies in Asia Pacific and Central and South America
Centrifugal pump product segment is expected to dominate the global market in 2025. The segment is expected to ascend at a CAGR of 5.3% over the forecast period
Positive displacement pump segment is expected to grow significantly in Asia Pacific market owing to the increasing demand for peristatic and diaphragm pumps in chemicals, pharmaceutical, and food & beverage end-use industries
Among the various application segments, water & wastewater is anticipated to emerge as the fastest-growing segment over the forecast period. It is likely to progress at a CAGR of 5.7% over the forecast period
Key players engaged in the manufacturing of axial flow pumps, which hold a major share in the global axial flow pumps industry include Xylem Inc., Flowserve Corporation, EBARA CORPORATION, Grundfos Holding A/S, ITT INC., Sulzer Ltd, KSB SE & Co. KGaA, and Pentair plc.
Grand View Research has segmented the global pump market on the basis of product, applications, and region.
Product Outlook (Revenue, USD Million, 2014 - 2025)
Axial Flow Pump
Radial Flow Pump
Mixed Flow Pump
Positive Displacement Pump
Applications Outlook (Revenue, USD Million, 2014 - 2025)
Oil & Gas
Food & Beverage
Water & Wastewater
Regional Outlook (Revenue, USD Million, 2014 - 2025)
Central & South America
Middle East & Africa
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